- Previous Binance releases have influenced the market; Dogwifhat (WIF) reached $3.3 and $3 billion market cap.
- Solana-based MUMU has a decade on the market, $40 million market cap and $4.1 million volume.
The world’s largest cryptocurrency exchange, Binance, recently posted a message on its social media that contained the emoji of a bull. This message had a direct impact on the price of the memecoin MUMU, which saw a more than 13% increase in value in less than an hour.
🐂
— Binance (@binance) March 21, 2024
This phenomenon is not new. In the past, similar Binance releases have coincided with increases in the value of other cryptocurrencies. For example, in January, the Dogwifhat token (WIF) experienced a significant rise after being mentioned by Binance, reaching a value of $3.3 and a market capitalization exceeding $3 billion.
MUMU is a token that operates on the Solana blockchain and has been on the market for a decade. According to data provided by DEX Screener, MUMU has a market cap of $40 million, with a trading volume of $4.1 million.
In addition, it has earned a 99 out of 99 rating on DEX Tools, indicating a high user rating. It has been confirmed that the MUMU contract is legitimate and is not a honeypot, which means it is not an investor trap.
Secured by memes https://t.co/ndhiRbf84p
— toly 🇺🇸 (@aeyakovenko) March 22, 2024
Despite this recent increase in its price and activity in the market, it is important for investors to proceed with caution. Memecoin are known for their volatility and the speculative nature of the cryptocurrency market can make investing in these assets particularly risky. In addition, gains realized through these types of investments are treated as short-term capital gains for tax purposes, which can affect net returns.
